Stanford scoops up downtown Redwood City apartment complex for its employees

Stanford University announced Friday it has scooped up an apartment complex in downtown Redwood City, expanding its growing footprint there.

The university purchased the 175-unit apartment complex at 1 Franklin St. from developer Greystar. The complex, formerly known as Elan Redwood City, has been renamed The Cardinal Apartments. It includes a fitness center, rooftop deck and outdoor courtyard.

“Stanford’s purchase of the apartment complex is part of the university’s efforts to broaden the availability and improve the affordability of its housing options,” says a university blog post.

The university’s choice of Redwood City as an ideal location to house its employees isn’t surprising. Earlier this year, Stanford opened a $568 million Redwood City campus off Highway 101 — its first major expansion outside the main campus in more than 125 years. Adding more than 2,700 employees to the 35-acre campus, the university became the second-largest employer in the city.

The campus, which includes administrative offices, research and development and medical clinic space, did not incorporate any housing.

Then this summer, Stanford Health Care submitted an application to the city to construct a nine-story, 227,000-square-foot medical office building above an underground parking garage, as well as a two-level free-standing parking garage adjacent to its outpatient clinics along Highway 101.

The apartments — 20 studios, 110 one-bedroom units and 45 two-bedroom units — are already available for lease. Staff and postdoctoral students at the university’s Redwood City campus will receive priority over faculty members when applying for a unit, according to the blog post.

The university plans to work with Redwood City to designate 37 of the units as deed-restricted, below-market-rate housing for very-low- and low-income households earning up to 50 and 80 percent, respectively, of the area median income, the blog post said.

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Source:: The Mercury News – Business


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